External Resource

All relevant materials are collected from
international financial institutions.



December 20, 2022

Local Currency Collateral for Cross-Border Financial Transactions: Policy Recommendations from the Cross-Border Settlement Infrastructure Forum

□ Published by Asian Development Bank □ Published on September 2022 □ Summary of the article: Active use of local currency-denominated bonds for cross-border collateral transactions can help by mitigating risks, reducing the credit costs of financial institutions, and expanding market liquidity. The report identifies the challenges faced by regional […]
December 20, 2022

Asia Bond Monitor – November 2022

□ Published by Asian Development Bank □ Published on November 2022 □ Summary of the article: Covering the Association of Southeast Asian Nations and the People’s Republic of China; Hong Kong, China; and the Republic of Korea, it explains how growth in East Asia’s LCY markets is slowing. It looks […]
December 19, 2022

4th Asia-Pacific Repo Market Survey

□ Published by ICMA(International Capital Market Association) and ASIFMA(Asia Securities Industry & Financial Markets Association)    – You can find more information on the website www.icmagroup.org □ Published on December 2022 □ Summary of the article: ICMA’s European Repo and Collateral Council (ERCC) and ASIFMA’s Secured Funding Markets Committee have been […]
December 20, 2021

Emerging Market Securities Access to Global Plumbing

□ Published by Gongpil Choi, Federico Ortega and Manmohan Singh □ Published on March 2021 □ Abstract: What are the constraints that have stalled EMs efforts to reuse their securities in international financial centers? We discuss the economics of collateral re-use and the present institutional structure in Asian and Latin American countries. Our […]
December 8, 2021

Asia-Pacific Repo Market Survey

□ Published by ICMA(International Capital Market Association) and ASIFMA(Asia Securities Industry & Financial Markets Association)    – You can find more information on the website www.icmagroup.org □ Published on November 2020 □ Summary of the article: ICMA’s European Repo and Collateral Council (ERCC) and ASIFMA’s Secured Funding Markets Committee have been […]
May 9, 2021

The Asian International Bond Markets: Development and Trends 

□ Published by International Capital Market Association (You can find more information on the website www.icmagroup.org) □ Published on March 2021 □ Summary of the article: This research covers trends in primary issuance in the international bond market in Asia over the last 15 years as well as secondary market structure and […]
March 22, 2021

Toward A Central Bank Collateral Framework for ABMI

Abstract:  The post-global financial crisis highlighted the importance of engaging in collateralized securities financing to meet the ever-increasing market needs for liquidity and risk management. Given the heavy reliance on the volatile Eurodollar systems and the fragmented governance and limited cross-border usability of the collateral among ASEAN+3 countries, it is […]
January 18, 2021

The Internationalization of the China Corporate Bond Market

□ Published by International Capital Market Association (You can find more information on the website www.icmagroup.org) □ Published on January 2021 □ Summary of the article: In terms of scope, the research focuses firstly on the domestic CNY credit bond market (see Annex I), including both financial and non-financial corporate issuers, […]
November 18, 2020

[Materials] Local Currency Repo in Asia: Collateral Growth and the Path to Mass Adoption – Executive Summary

□ Published by Finadium □ Published on November 2019 □ Content extracted from Finadium website. Please refer to the external link below. “Asian financing markets are working well; there is no indication that for individual market participants, not using repo is causing any difficulty. For the market as a whole however, […]
September 17, 2020

Planning for Securities Finance After COVID-19

□ Published by Josh Galper □ Published on September 2020 □ Content extracted from Finadium website. Please refer to the external link below. “COVID-19 has accelerated multiple changes in capital markets including an increased reliance on automation, working from home and the need for close cooperation between organizations and vendors to […]
June 8, 2020

Collateral Must be Part of Monetary Policy Equation

□ Published by Manmohan Singh □ Published on June 2020
June 1, 2020

The Impact of COVID-19 on Collateral Management

□ Published by Josh Galper and Jeff Siemer □ Published on June 2020 □ Content extracted from Finadium website. Please refer to the external link below. “Our questions covered a cross-section of how COVID-19 has impacted collateral management, including economics, technology and expectations for the future. We document how service provider […]
November 18, 2019

[2016 APCF Research Paper] Current Criteria for Eligible Collaterals and Tasks to Recognize Regional Assets as Eligible Collaterals Including ASEAN+3 Sovereign Bonds

□ Published by the APCF □ Published on September 2016
October 30, 2019

ICMA Quarterly Report: Assessment of Market Practice and Regulatory Policy

□ Published by ICMA (You can find more information on the website www.icmagroup.org) □ Published on October 2019 □ Summary of the article: The October issue of ICMA Quarterly Report discusses 1) avoiding capital market fragmentation 2) repo and collateral markets, and 3) transition to risk-free rates. The ICMA Quarterly Report […]
September 4, 2019

Repo Rates and the Collateral Spread Puzzle: Theory and Evidence

□ Published by Kjell G. Nyborg and Cornelia Rosler □ Published on October 2018 □ Summary of the article: The collateral spread is the unsecured rate less the repo rate. The puzzle is that this is frequently negative. To understand this, we develop a theory where repos are motivated by […]
August 21, 2019

Development of Asian Bond Markets and Challenges: Keys to Market Expansion

□ Published by Satoshi Shimizu □ Published on September 2018 □ Summary of the article: Asian bond markets have expanded significantly in terms of quantity and have grown more mature than before in terms of quality. However, the degree of bond market development varies widely across countries, and the formation […]
July 30, 2019

GFMA and ICMA Repo Market Study: Post-Crisis Reforms and the Evolution of the Repo and Broader SFT Markets

□ Published by GFMA and ICMA (You can find more information on the website www.icmagroup.org) □ Published on December 2018 □ Summary of the article: By providing a holistic account of the operation of repo and securities lending markets during the crisis, and analysing the subsequent reforms, this report explains how regulatory […]
July 18, 2019

Common Understanding on International Standards and Gateways for Central Securities and Real-Time Gross Settlement (CSD-RTGS) Linkages

□ Published by Satoru Yamadera, Kosintr Puongsophol, Jae-Hyun Choi, and Taiji Inui □ Published on May 2019 □ Summary of the article: The report has two objectives: (i) to create a common understanding among CSIF members on international standards for those linkages, and (ii) establish general user requirements and technical […]
July 3, 2019

The European repo market at 2018 year-end – an ICMA ERCC briefing note

□ Published by Andy Hill (You can find more information on the website www.icmagroup.org) □ Published on January 2019 □ Summary of the article: Compared with the previous two year-ends, 2018 was relatively uneventful. Core Euro GC and specials did come at a premium leading up to the turn but then cheapened […]
July 3, 2019

Emerging East Asian Local Currency Bond Markets: A Regional Update

□ Published by AsianBondsOnline □ Published on June 2019 □ Summary of the article: Local currency government bond yields fell in most markets in emerging East Asia between 1 March and 15 May, according to the latest Asia Bond Monitor. Bond yields declined amid a slowing world economy, global trade […]

External Resource

Find out more about global collateral and repo issues. All relevant materials are collected from international financial institutions.



December 20, 2022

Local Currency Collateral for Cross-Border Financial Transactions: Policy Recommendations from the Cross-Border Settlement Infrastructure Forum

□ Published by Asian Development Bank □ Published on September 2022 □ Summary of the article: Active use of local currency-denominated bonds for cross-border collateral transactions can help by mitigating risks, reducing the credit costs of financial institutions, and expanding market liquidity. The report identifies the challenges faced by regional […]
December 20, 2022

Asia Bond Monitor – November 2022

□ Published by Asian Development Bank □ Published on November 2022 □ Summary of the article: Covering the Association of Southeast Asian Nations and the People’s Republic of China; Hong Kong, China; and the Republic of Korea, it explains how growth in East Asia’s LCY markets is slowing. It looks […]
December 19, 2022

4th Asia-Pacific Repo Market Survey

□ Published by ICMA(International Capital Market Association) and ASIFMA(Asia Securities Industry & Financial Markets Association)    – You can find more information on the website www.icmagroup.org □ Published on December 2022 □ Summary of the article: ICMA’s European Repo and Collateral Council (ERCC) and ASIFMA’s Secured Funding Markets Committee have been […]
December 20, 2021

Emerging Market Securities Access to Global Plumbing

□ Published by Gongpil Choi, Federico Ortega and Manmohan Singh □ Published on March 2021 □ Abstract: What are the constraints that have stalled EMs efforts to reuse their securities in international financial centers? We discuss the economics of collateral re-use and the present institutional structure in Asian and Latin American countries. Our […]
December 8, 2021

Asia-Pacific Repo Market Survey

□ Published by ICMA(International Capital Market Association) and ASIFMA(Asia Securities Industry & Financial Markets Association)    – You can find more information on the website www.icmagroup.org □ Published on November 2020 □ Summary of the article: ICMA’s European Repo and Collateral Council (ERCC) and ASIFMA’s Secured Funding Markets Committee have been […]
May 9, 2021

The Asian International Bond Markets: Development and Trends 

□ Published by International Capital Market Association (You can find more information on the website www.icmagroup.org) □ Published on March 2021 □ Summary of the article: This research covers trends in primary issuance in the international bond market in Asia over the last 15 years as well as secondary market structure and […]
March 22, 2021

Toward A Central Bank Collateral Framework for ABMI

Abstract:  The post-global financial crisis highlighted the importance of engaging in collateralized securities financing to meet the ever-increasing market needs for liquidity and risk management. Given the heavy reliance on the volatile Eurodollar systems and the fragmented governance and limited cross-border usability of the collateral among ASEAN+3 countries, it is […]
January 18, 2021

The Internationalization of the China Corporate Bond Market

□ Published by International Capital Market Association (You can find more information on the website www.icmagroup.org) □ Published on January 2021 □ Summary of the article: In terms of scope, the research focuses firstly on the domestic CNY credit bond market (see Annex I), including both financial and non-financial corporate issuers, […]
November 18, 2020

[Materials] Local Currency Repo in Asia: Collateral Growth and the Path to Mass Adoption – Executive Summary

□ Published by Finadium □ Published on November 2019 □ Content extracted from Finadium website. Please refer to the external link below. “Asian financing markets are working well; there is no indication that for individual market participants, not using repo is causing any difficulty. For the market as a whole however, […]
September 17, 2020

Planning for Securities Finance After COVID-19

□ Published by Josh Galper □ Published on September 2020 □ Content extracted from Finadium website. Please refer to the external link below. “COVID-19 has accelerated multiple changes in capital markets including an increased reliance on automation, working from home and the need for close cooperation between organizations and vendors to […]
June 8, 2020

Collateral Must be Part of Monetary Policy Equation

□ Published by Manmohan Singh □ Published on June 2020
June 1, 2020

The Impact of COVID-19 on Collateral Management

□ Published by Josh Galper and Jeff Siemer □ Published on June 2020 □ Content extracted from Finadium website. Please refer to the external link below. “Our questions covered a cross-section of how COVID-19 has impacted collateral management, including economics, technology and expectations for the future. We document how service provider […]
November 18, 2019

[2016 APCF Research Paper] Current Criteria for Eligible Collaterals and Tasks to Recognize Regional Assets as Eligible Collaterals Including ASEAN+3 Sovereign Bonds

□ Published by the APCF □ Published on September 2016
October 30, 2019

ICMA Quarterly Report: Assessment of Market Practice and Regulatory Policy

□ Published by ICMA (You can find more information on the website www.icmagroup.org) □ Published on October 2019 □ Summary of the article: The October issue of ICMA Quarterly Report discusses 1) avoiding capital market fragmentation 2) repo and collateral markets, and 3) transition to risk-free rates. The ICMA Quarterly Report […]
September 4, 2019

Repo Rates and the Collateral Spread Puzzle: Theory and Evidence

□ Published by Kjell G. Nyborg and Cornelia Rosler □ Published on October 2018 □ Summary of the article: The collateral spread is the unsecured rate less the repo rate. The puzzle is that this is frequently negative. To understand this, we develop a theory where repos are motivated by […]
August 21, 2019

Development of Asian Bond Markets and Challenges: Keys to Market Expansion

□ Published by Satoshi Shimizu □ Published on September 2018 □ Summary of the article: Asian bond markets have expanded significantly in terms of quantity and have grown more mature than before in terms of quality. However, the degree of bond market development varies widely across countries, and the formation […]
July 30, 2019

GFMA and ICMA Repo Market Study: Post-Crisis Reforms and the Evolution of the Repo and Broader SFT Markets

□ Published by GFMA and ICMA (You can find more information on the website www.icmagroup.org) □ Published on December 2018 □ Summary of the article: By providing a holistic account of the operation of repo and securities lending markets during the crisis, and analysing the subsequent reforms, this report explains how regulatory […]
July 18, 2019

Common Understanding on International Standards and Gateways for Central Securities and Real-Time Gross Settlement (CSD-RTGS) Linkages

□ Published by Satoru Yamadera, Kosintr Puongsophol, Jae-Hyun Choi, and Taiji Inui □ Published on May 2019 □ Summary of the article: The report has two objectives: (i) to create a common understanding among CSIF members on international standards for those linkages, and (ii) establish general user requirements and technical […]
July 3, 2019

The European repo market at 2018 year-end – an ICMA ERCC briefing note

□ Published by Andy Hill (You can find more information on the website www.icmagroup.org) □ Published on January 2019 □ Summary of the article: Compared with the previous two year-ends, 2018 was relatively uneventful. Core Euro GC and specials did come at a premium leading up to the turn but then cheapened […]
July 3, 2019

Emerging East Asian Local Currency Bond Markets: A Regional Update

□ Published by AsianBondsOnline □ Published on June 2019 □ Summary of the article: Local currency government bond yields fell in most markets in emerging East Asia between 1 March and 15 May, according to the latest Asia Bond Monitor. Bond yields declined amid a slowing world economy, global trade […]